SKP Wish List on Domestic Tax - Budget Primer 2013-14

Domestic Tax

Personal taxation

Considering the rise in cost of living and inflationary trend, the monetary limits for exemptions from salaries be suitably enhanced. The exemption for transport allowance be increased from ` 800 per month to ` 2,500 per month. Similarly, the exemption for medical expenses be increased from ` 15,000 per annum to ` 25,000 per annum.

> Standard deduction should be reintroduced for salaried tax payers. > Deduction for repayment of principal sum as well as interest on capital borrowed for one self-occupied house should be allowed at actual without any monetary limit. > Deduction under section 80TTA should be allowed also for interest on fixed deposits, subject to the overall limit of ` 10,000....